PayPassage to Offer Affordable Digital Financial Services in Nigeria

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By Dipo Olowookere

The financial technology (fintech) ecosystem in Nigeria has continued to attract the best and the latest company entering the space to offer consumers affordable and seamless services is PayPassage.

The firm is partnering with BlocPal, a Canada-based fintech leader with operations in India, Mexico, North America and parts of Europe, to deepen financial inclusion in Nigeria.

A statement from the organisation disclosed that its financial services platform to be officially launched in Nigeria soon will offer digital financial solutions to help drive financial inclusion of the unbanked and underbanked in Nigeria.

Nigeria is one of the top three unbanked countries in the world, with 40 per cent of her population without a bank account and out of the 59 million unbanked adults, 73 per cent do not have the requisite documents to open a tier-3 bank account.

The desire to bridge this wide gap in the nation’s financial landscape necessitated the birth of PayPassage, which aims to provide its customers with a secure and fast payment experience across multiple channels.

To make this easier, the digital transaction solutions provider will leverage on BlocPal’s Blockchain technology to uplift and integrate financial services in Nigeria.

According to the statement, the partnership will further position PayPassage as one of the leading financial solutions providers in Africa. This marketplace will offer digital financial services with physical on-the-ground retailers to help drive financial inclusion in Nigeria’s communities.

This is because the financial ecosystem supports a range of solutions for digital engagement with customers including Point-Of-Sales, e-commerce, white-label enterprise solutions, loyalty rewards, financial network integration and a robust consumer digital wallet.

“There has been a strong need for offering affordable and accessible financial solutions in Nigeria through a retailer-enabled digital platform,” the CEO of PayPassage, Folarin Tomori, stated.

“Partnering with BlocPal International to bring these financial solutions to Nigeria is not only driving financial inclusion but providing the opportunity for the Nigerian population to participate in the global digital economy,” Tomori added.

Also commenting, the CEO of BlocPal International, Nick Mellios, disclosed that, “What makes us unique is the ability to scale our platform to different geographies while adhering to customer needs and regulatory requirements.

“We are excited to leverage our insights and experience from our India operations and bring our advanced technology to Nigeria. We are committed to partnering with retailers and financial entities in Nigeria and providing a wide variety of affordable financial solutions to communities all across the country.”

With the number of mobile phone connections in Nigeria as of January 2021 equivalent to 90 per cent of the total population, Nigeria is ripe for the financial integration that PayPassage can bring.

PayPassage offers unique accessibility and scalable infrastructure to easily integrate into the Nigerian economy. Leveraging on the BlocPal technology, PayPassage can also bring these solutions into other countries in Africa that are in need of financial inclusion by delivering digital payment processing and fintech services to help enterprise partners enjoy a seamless experience, affordable transactions, create new revenue streams and build more loyal relationships with their customers

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